MASSENA, N.Y., Jan. 4, 2007 (PRIME NEWSWIRE) -- Michelex Corp. (Pink Sheets:MLXO) ("Michelex" or the "Company"), a plastic manufacturing company with its offices in Utah, and an audio record production group located in New York, announced today that it has signed an extension to the Letter of Intent to acquire Ag-Pro, Ltd. allowing it the extra time needed to raise additional capital to complete the Ag-Pro Bio-diesel transaction. If the transaction is completed, it will put the company in the emerging bio-diesel market in the U.S.
The Company is also very excited and proud to announce that all its obligations with Wells Fargo Business Credit ("WFBC") have been satisfied after a final payment in the sum of $256,874.80 that was made on December 15, 2006. WFBC, in an email to the company confirmed that once they received this final payment "it would clear the balance in full." As a result of the transaction, the company received an aggregate amount of $728,000.00 in debt reduction, which should allow the Company to achieve a profit in the fourth quarter of 2006.
Thomas Gramuglia, CEO and President of Michelex Corp, stated: "We hope that this ending of the WFBC chapter in the company's history will bring good fortunes for us in 2007."
Safe Harbor:
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of the Company's business include but are not limited to fluctuations in financial results, availability and customer acceptance of our products and services, the impact of competitive products, services and pricing, general market trends and conditions, and other risks detailed in the Company's SEC reports.